Speak Asia to deposit investors money before Supreme Court

Feb 07 2012, 17:25 IST
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The SC has directed Speak Asia, accused of duping investors to the tune of Rs 1,300 cr,to deposit before it the amount payable to investors and concerned authorities. (Agencies) The SC has directed Speak Asia, accused of duping investors to the tune of Rs 1,300 cr,to deposit before it the amount payable to investors and concerned authorities. (Agencies)
SummaryThe SC has directed Speak Asia, accused of duping investors to the tune of Rs 1,300 cr,to deposit before it the amount payable to investors and concerned authorities.

The Supreme Court has directed the Singapore-based firm Speak Asia, accused of duping investors to the tune of Rs 1,300 crore, to deposit before it the amount payable to investors and concerned authorities.

A bench of justices Dalveer Bhandari and Dipak Verma asked the mediator, appointed by it earlier, to ascertain the exact amount which is payable by Speak Asia to the investors and other authorities and directed the company to deposit the same within two weeks after that.

"We request the learned mediator to ascertain how much amount in fact is due and payable to the petitioners and other authorities.

"We direct the concerned respondents (Speak Asia) to deposit the amount indicated by the learned Mediator with the Secretary General of the Supreme Court within two weeks of the order of the learned Mediator," the bench said.

"All the parties would be at liberty to participate in the proceedings before the learned Mediator," it added.

The bench passed the order on a plea filed by a group of investors of Speak Asia for recovering their money.

Around 115 investors, who had put their money in the firm, had filed a petition before the apex court last year.

The court had in October last year asked Speak Asia Online Pvt Ltd and its related company Haren Ventures Pvt Ltd to file an affidavit stating that in case of ascertaining financial liability by the Mediator the same would be paid by them.

The company has been accused of duping investors across the country to the tune of Rs 1,300 crore within a period of about one year.

Speak Asia had reportedly enrolled 1.2 million members, which were called panelists after promising them handsome commission if they introduced new members. The members were asked to pay a fee to register with it, through a multi- marketing pyramid model

Following allegations of fraud by investors, Economic Offences Wing (EoW) has seized around Rs 150 crore from distributors and sub-distributors of the firm along with some other assets. Further investigations are going on by various government agencies.

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